Energy Journal: Saudi Arabia Knocked From Its Perch

By James Herron

It started out with a few roughnecks sinking oil wells on the frozen plains of North Dakota, but now the U.S. shale oil boom is set to upend established trade patterns and set in motion major geopolitical shifts.

This is undoubtedly a success story for America’s wildcat drillers. The boom in the production of shale oil, driven largely by companies that nobody had heard of a few years ago, will add 3 million barrels a day to U.S. oil production by the end of this decade. That is more than the current production of Iran.

Comments (5 of 7)

Maybe with Colorado and Washington State growing Industrial Hemp maybe we git the DEA out of our gas tanks.
1,800 gallons ethanol per acre

8:48 am November 13, 2012

James wrote :

because oil is traded in US dollars. When the dollar is "weak" it cost us more at the pump. When the dollar is "strong" it cost us less at the pump. Fix a weak dollar and you get better prices at the pump.

8:01 am November 13, 2012

anonymous #2 wrote :

We need to socialize the futures markets so this stuff does not happen.

8:00 am November 13, 2012

Anonymous wrote :

It says "by 2020" there speed. The wells are not completed.

7:59 am November 13, 2012

anonymous #2 wrote :

We need to socialize the futures markets so this so of stuff does not happen.

Thanks for reading MarketBeat. We would like to direct you to MoneyBeat, the Wall Street Journal’s brand new global blog. MoneyBeat unites MarketBeat, The Source, Overheard and all the Deal Journal blogs, bringing together all the market, M&A, IPO and hedge-fund news from those blogs into a 24-hour hub for finance news. Check it out and let us know what you think at moneyblog@wsj.com.

About MarketBeat

MarketBeat looks under the hood of Wall Street each day, finding market-moving news, analyzing trends and highlighting noteworthy commentary from the best blogs and research. MarketBeat is updated frequently throughout the day, helping investors stay on top of what’s happening in the markets. Lead writers Paul Vigna and Steven Russolillo spearhead the MarketBeat team, with contributions from other Journal reporters and editors. Have a comment? Write to paul.vigna@wsj.com or steven.russolillo@wsj.com.